BitPay has announced a new product dubbed ‘BitPay Send,’ which enables companies to make crypto payments without necessarily holding digital assets. The crypto payment services provider targets extending its clientele portfolio with BitPay Send to bridge the gap that exists when it comes to paying for labor or services in crypto.
Powered by a blockchain ecosystem, the BitPay Send platform is built to increase efficiency in crypto payments and target companies of all sizes. This innovation facilitates massive payments such as the ones companies make to contractors, vendors, customers, affiliates, and employee salaries. Given the growing nature of the distributed economy, BitPay Send poses as an ideal platform for companies that source talent, especially from the gig economy.
Per the current systems, transactions can be extremely slow and costly, especially when a cross-border operation is involved. BitPay Send solves this challenge by supporting round the clock crypto payments across the globe. BitPay CEO, Stephen Pair, noted the high rate of blockchain payments adoption, which he attributes to the ease of sending and receiving payments globally. He added that,
“Traditional international payment methods are cumbersome, costly, and slow. With BitPay Send, companies can make mass payouts without having to buy, own or manage crypto and their recipients receive payments quicker and at a lower cost.”
BitPay Send is already in use by AdGate Media, which leverages the facility to make crypto payments to its affiliates. Basically, BitPay assumes the conversion risk, while AdGate only makes a fiat deposit paid out to an affiliate in crypto. Dan Sapozhnikov, the President of AdGate Media, was keen to highlight the value proposition by BitPay Send in their line of business,
“We have lots of affiliates who wanted to be paid in Bitcoin, especially those who are based outside North America and Europe where access to bank accounts is difficult …
having BitPay manage that risk was an important factor in choosing BitPay Send.”
Notably, recipients will only require a BitPay ID and crypto wallet hence the whole notion of eliminating banks as intermediaries. BitPay, which has been operational since 2011, enjoys the backing of prominent investment firms, which include Virgin Group, Index Ventures, and Founders Fund.